This bill establishes new notice and compensation requirements for residential tenants who are displaced due to renovations. Landlords are required to compensate displaced tenants for the reasonable rental cost of a moving truck or van, as well as an amount equal to 12 times the monthly rent paid by the tenant, under specific circumstances. These circumstances include situations where the landlord has issued a written notice for possession of the premises for renovation purposes, filed a complaint in court for the same reasons, or if the tenant is displaced because the owner or a buyer intends to occupy the unit. Payment must be made within specified timeframes, and failure to do so will result in interest accruing at an annual rate of 18 percent. Additionally, if payment is not made within 30 days, the unpaid balance will become a lien on the property.

Furthermore, the bill mandates that landlords provide written notice to tenants at least one month prior to requesting them to vacate for renovation purposes. This notice must outline the circumstances under which a tenant can be evicted for renovations and clarify that eviction is not permitted unless those circumstances are met. The Commissioner of Community Affairs is tasked with preparing a model statement for landlords to use in compliance with this requirement. Overall, the bill aims to protect tenants from being misled about their rights and ensure they receive appropriate compensation when displaced for renovation-related reasons.